{"id":10541,"date":"2022-05-05T20:35:07","date_gmt":"2022-05-05T20:35:07","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/el-salvadors-central-bank-accepts-qredos-registration-to-provide-crypto-services\/"},"modified":"2022-05-05T20:35:10","modified_gmt":"2022-05-05T20:35:10","slug":"el-salvadors-central-bank-accepts-qredos-registration-to-provide-crypto-services","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/el-salvadors-central-bank-accepts-qredos-registration-to-provide-crypto-services\/","title":{"rendered":"El Salvador\u2019s central bank accepts Qredo’s registration to provide crypto services"},"content":{"rendered":"

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Decentralized finance firm Qredo has received approval for registration as a Bitcoin (BTC) service provider in El Salvador.<\/p>\n

In a Wednesday announcement, Qredo said the Central Reserve Bank of El Salvador accepted the crypto firm’s registration as a recognized Bitcoin service provider as laid out in the country\u2019s Bitcoin Law. According to the registration website, Qredo was authorized to custody BTC, provide Bitcoin wallets, process payments, and act as a digital asset exchange.<\/p>\n

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HOT OFF THE PRESS#ElSalvador<\/a>‘s Central Bank has approved Qredo to offer a range of Bitcoin services<\/p>\n

Qredo is the country’s only #dMPC<\/a> custody provider<\/p>\n

Such an important step in the wider adoption of Qredo infrastructure by local institutions<\/p>\n

https:\/\/t.co\/Nh0np2Ok0K pic.twitter.com\/5YKP3IRGna<\/a><\/p>\n

\u2014 Qredo (@QredoNetwork) May 4, 2022<\/a><\/p><\/blockquote>\n

As a crypto service provider, Qredo said it was required to be in compliance with local laws and international practices around digital assets, as well as risk management to prevent losses or theft. Other registered providers in El Salvador include Chivo, the firm behind the state-issued crypto wallets and kiosks \u2014 similar to Bitcoin ATMs \u2014 as well as Paxos Trust Company, Paxful, and Bitcoin payment processor OpenNode.<\/p>\n

\u201cThe BCR\u2019s decision opens the door to further opportunity for Qredo in El Salvador, and increases our footprint in Latin America \u2014 a region we believe has enormous potential for digital assets,\u201d said Qredo CEO Anthony Foy.<\/p>\n

A survey from the Salvadoran Chamber of Commerce reported in March suggested that 14% of local businesses had transacted using BTC since the Bitcoin Law went into effect in September 2021. Salvadoran President Nayib Bukele has continued to push crypto-related initiatives in the country including a Bitcoin City backed by $1 billion in BTC bonds, using geothermal energy from volcanoes to mine crypto, and announcing major buys on social media \u2014 as of January, the head of state had purchased 1,801 BTC. <\/p>\n

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2022 predictions on #Bitcoin<\/a>:<\/p>\n

\u2022Will reach $100k
\u20222 more countries will adopt it as legal tender
\u2022Will become a major electoral issue in US elections this year
\u2022Bitcoin City will commence construction
\u2022Volcano bonds will be oversubscribed
\u2022Huge surprise at @TheBitcoinConf<\/a><\/p>\n

\u2014 Nayib Bukele (@nayibbukele) January 2, 2022<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>El Salvador Bitcoin wallet shows \u2018strong sign of adoption,\u2019 exec says<\/em><\/strong><\/p>\n

With roughly 6.5 million residents, El Salvador is one of the most crypto-friendly parts of Latin America, but the actions of governments in neighboring countries have suggested some may be on the way to taking the orange pill. In April, Panama’s legislature approved a cryptocurrency law aimed at making the country \u201ccompatible with the digital economy, blockchain, crypto assets and the internet.\u201d Brazil\u2019s senate followed by approving its own Bitcoin Law to create a regulatory framework for cryptocurrencies<\/p>\n